Danske Bank A S Invests $33.20 Million in Blackstone Inc. $BX

Key Points

• Danske Bank acquired a new $33.2 million stake in Blackstone during the second quarter, purchasing 282,156 shares. Institutional investors collectively own approximately 70% of the company.
• Blackstone reported stronger-than-expected quarterly results, with earnings per share of $1.52 versus the $1.34 consensus estimate and revenue of $5.04 billion, up 35.9% year over year.
• The company raised its quarterly dividend to $1.29 per share, equivalent to an annualized $5.16 dividend and a 3.6% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $147.95.

Danske Bank A S bought a new stake in shares of Blackstone Inc. (NYSE:BX - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 282,156 shares of the asset manager's stock, valued at approximately $33,201,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Ares Financial Consulting LLC bought a new position in shares of Blackstone during the 4th quarter valued at $28,000. Bell Investment Advisors Inc bought a new stake in Blackstone in the second quarter worth $30,000. Strive Asset Management LLC bought a new position in shares of Blackstone during the third quarter valued at about $30,000. Palladiem LLC purchased a new position in shares of Blackstone in the fourth quarter worth about $31,000. Finally, West Branch Capital LLC lifted its stake in shares of Blackstone by 26,600.0% in the 2nd quarter. West Branch Capital LLC now owns 267 shares of the asset manager's stock valued at $31,000 after acquiring an additional 266 shares during the last quarter. Hedge funds and other institutional investors own 70.00% of the company's stock.

Blackstone Trading Up 3.2%

Blackstone stock opened at $145.15 on Thursday. Blackstone Inc. has a 12 month low of $101.73 and a 12 month high of $190.09. The company has a market capitalization of $108.95 billion, a price-to-earnings ratio of 32.47, a price-to-earnings-growth ratio of 1.56 and a beta of 1.56. The business's fifty day simple moving average is $127.99 and its two-hundred day simple moving average is $122.43. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.63.

Blackstone (NYSE:BX - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The asset manager reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.18. The firm had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $3.42 billion. Blackstone had a return on equity of 23.77% and a net margin of 21.84%.The company's revenue was up 35.9% on a year-over-year basis. During the same period last year, the company earned $0.98 earnings per share. As a group, equities analysts predict that Blackstone Inc. will post 6 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 10th. Investors of record on Monday, August 3rd were given a dividend of $1.29 per share. This represents a $5.16 dividend on an annualized basis and a yield of 3.6%. This is a boost from Blackstone's previous quarterly dividend of $1.16. The ex-dividend date was Monday, August 3rd. Blackstone's dividend payout ratio (DPR) is currently 115.44%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Argus raised their price target on shares of Blackstone from $146.00 to $150.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. TD Cowen raised their target price on Blackstone from $133.00 to $145.00 and gave the stock a "buy" rating in a research note on Friday, July 24th. Piper Sandler boosted their price target on Blackstone from $122.00 to $130.00 and gave the company a "neutral" rating in a report on Monday, April 27th. Royal Bank Of Canada increased their price objective on Blackstone from $161.00 to $169.00 and gave the stock an "outperform" rating in a report on Friday, July 24th. Finally, Jefferies Financial Group upped their target price on Blackstone from $143.00 to $152.00 and gave the company a "buy" rating in a report on Tuesday, May 12th. Thirteen equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Blackstone has an average rating of "Moderate Buy" and an average target price of $147.95.

Insider Buying and Selling

In other Blackstone news, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of the stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $3.78, for a total value of $28,264,950.00. Following the transaction, the insider directly owned 19,374 shares in the company, valued at approximately $73,233.72. This trade represents a 99.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Vikrant Sawhney sold 30,000 shares of the business's stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $135.55, for a total transaction of $4,066,500.00. Following the sale, the insider directly owned 869,669 shares of the company's stock, valued at approximately $117,883,632.95. The trade was a 3.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have purchased 1,339,180 shares of company stock valued at $35,062,433 and have sold 7,562,000 shares valued at $40,331,085. Insiders own 1.00% of the company's stock.

Blackstone Company Profile

Blackstone Inc NYSE: BX is a global investment firm focused on alternative asset management. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson and headquartered in New York City, the firm organizes and manages investment vehicles that acquire and operate businesses, real estate and credit investments, as well as provide hedge fund solutions and other alternative strategies for institutional and individual investors.

Blackstone's business is organized around several principal investment platforms.

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